Kantipur Samachar
2:27 AM
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The Ministry of Commerce (MoC) has notified the Nepal Rastra Bank (NRB) about operationalisation of Visakhapatnam (Vizag) Port and has asked the latter to make necessary arrangements for the payment of third-country cargoes destined for Nepal.
After the notification of the ministry, the central bank will now issue a circular to the commercial banks allowing them to issue letters of credit to import consignments via Vizag Port.
Vizag will be the second Indian gateway port for third-country trade after Kolkata (Haldia). Vizag Port is a deep sea port. Until now, the country had been utilising Kolkata Port as the gateway for third-country trade. Since it is a riverine port, bigger vessels cannot dock at Kolkata Port and cargoes need to be transferred in smaller vessels from Singapore, which has been raising the ocean freight cost for the country.
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